Gold futures closed higher

Gold futures closed higher with the worst monthly performance

The metal stocks , i.e. the gold futures were closed at a higher value on 29th April 2022, in search of support coming from the increased dollar price. But, this still recorded the worst performance. It can be said that it is true to some extent that gold futures closed higher with the worst monthly performance.

On April 18, 2022 gold briefly topped the $2000 level after June delivery for gold rise by $20.4 to settle at $1,911.7 per ounce on Comex Friday. This was followed the weekly fall of 1.2% and 2.1% monthly decline.

After 2013 when there was a 7.8% fall in the gold price, gold for the previous 7 months has been continuously showing poor results in 2022.

According to Jim Wcykoff analyzed that the gold prices are safe- heaven as Europe grapples with the energy dependency on Russia which is putting the squeeze on supplying natural gas and oil.

It is believed that the war between Russia and Ukraine appears highly-intensifying. This may be because of the western nation supplying more weapons to Ukraine. But the president of Russai assures that no favorable outcome will be seen.

Though the index remained up by 4.7%, US. dollars was 0.7% down after hitting 5 year high. This entire week the price for gold was crushed while the dollar rose strongly. According to Peter Cardillo, the crushing of gold prices along with the rise of USD may be attributed to a steep sell-off in equity market.

When analyzed technically, it is predicted that the market may have to undergo a serious setback. Since the war, as well as the inflation factor, develops a case for gold to achieve high, this combination is depressing. Additionally, Cardillo also said that the future seems secure despite the ongoing troubles.

It seems that the price pressure issue will not resolve. Yesterday marks the final trading day for the month of April 2022, with the S&P 500 index, heading for 6.8%!